At Beet.TV’s recent Beet Retreat in Miami, Bank of America’s SVP of marketing Andrew Deming discussed how the bank is utilizing addressable TV tactics to help it transition to a one-to-one, more relationship-driven marketing model.
Speaking with Beet.TV, he explained that the bank is moving away from the “old transactional style, product-led driven model” and is now focusing on providing messages to consumers that are relevant to their individual needs.
One of the ways it is doing this is by utilizing addressable TV tactics that allow the bank to deliver different messages to different audience groups depending upon their individual needs. For example, he explained that someone who is looking for a new credit card would see a different message than a newlywed couple who might be looking for a home loan.
Deming said that Bank of America recently launched its first addressable TV campaign and has more in the works as well.
“When we really know more about the customer and can present them with the most relevant information at the given time of when they need it, to me that is going to be the most effective and that’s where everybody is going to win,” he said. “And that’s when we move to truly having conversational relationships with our consumers rather than just being a bank who is providing them products.”
He also discussed how having access to first party data is both an “asset and also a complexity” since the banking industry is heavily regulated, and stressed the importance of working with a legitimate third-party to ensure that customer data remains private and anonymous.
“You have to find somebody that you can work with that’s an approved vendor that can actually take your first party data and anonymize it so when you’re working with your vendor partners, they can exercise the match without actually having any understanding of who is the customer is, because their privacy and their protection is obviously the first and foremost important thing to us,” he said.